{"id":4486,"date":"2011-03-22T08:44:24","date_gmt":"2011-03-22T13:44:24","guid":{"rendered":"http:\/\/onthe8spot.com\/?p=4486"},"modified":"2011-03-22T08:44:24","modified_gmt":"2011-03-22T13:44:24","slug":"anti-link-rot-work-of-depressions-watch-nytimes-com","status":"publish","type":"post","link":"http:\/\/onthe8spot.com\/index.php\/2011\/03\/22\/anti-link-rot-work-of-depressions-watch-nytimes-com\/","title":{"rendered":"Anti Link Rot:: Work of Depressions Watch &#8211; NYTimes.com"},"content":{"rendered":"<blockquote><p>March 22, 2011, 9:02 am<br \/>\nWork of Depressions Watch<br \/>\nMark Thoma leads us to new research from the San Francisco Fed showing that recent college graduates have experienced a large rise in unemployment and sharp fall in full-time employment, coupled with a decline in wages. Why is this significant?<br \/>\nThe answer is that it\u2019s one more nail in the coffin of the notion that employment is depressed because we have the wrong kind of workers, or maybe workers in the wrong place.<br \/>\nIn some ways I think framing the discussion in terms of \u201cstructural unemployment\u201d isn\u2019t helpful. It may be better to say that a number of influential people want us to believe that Great Recession is serving some useful purpose \u2014 that the economy is \u201crecalculating\u201d, that it\u2019s getting carpenters out of Nevada to jobs where they\u2019re needed, etc.. It\u2019s the same idea that Schumpeter pushed in the now-infamous passage in which he opposed any attempt to mitigate the Great Depression, even through monetary policy:<br \/>\nDESCRIPTION<br \/>\nThe right question to ask, with regard to all such arguments, is, where are the scarcities? If we have the wrong kind of workers, then the right kind of workers must be in high demand, and either be in short supply or have rapidly rising wages. So where are these people? If the problem is lack of skill, then highly skilled workers \u2014 such as recent college graduates \u2014 should be doing well. If the problem is too many carpenters in Nevada, then non-carpenters somewhere else must be doing well. Who? Where?<br \/>\nWell, if there are such people, they\u2019re doing a very good job of hiding.<br \/>\nThis is a demand-side slump; the evidence is grossly inconsistent with any other story.<br \/>\nvia <a href=\"http:\/\/krugman.blogs.nytimes.com\/2011\/03\/22\/work-of-depressions-watch\/\">Work of Depressions Watch &#8211; NYTimes.com<\/a>.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>March 22, 2011, 9:02 am Work of Depressions Watch Mark Thoma leads us to new research from the San Francisco Fed showing that recent college graduates have experienced a large rise in unemployment and sharp fall in full-time employment, coupled with a decline in wages. Why is this significant? The answer is that it\u2019s one &hellip; <\/p>\n<p class=\"link-more\"><a href=\"http:\/\/onthe8spot.com\/index.php\/2011\/03\/22\/anti-link-rot-work-of-depressions-watch-nytimes-com\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Anti Link Rot:: Work of Depressions Watch &#8211; NYTimes.com&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[79],"tags":[],"class_list":["post-4486","post","type-post","status-publish","format-standard","hentry","category-reposts"],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/posts\/4486","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/comments?post=4486"}],"version-history":[{"count":0,"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/posts\/4486\/revisions"}],"wp:attachment":[{"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/media?parent=4486"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/categories?post=4486"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/onthe8spot.com\/index.php\/wp-json\/wp\/v2\/tags?post=4486"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}